Estate Planning

St. Charles Divorce Attorney

At the
Law Offices of Benedict Schwarz, II P.C., we can are equipped to provide the best solutions for our divorced or
non-divorced clients to build an estate plan. We understand how overwhelming
a divorce can be, which is why we aim to provide knowledgeable legal guidance
to all of our clients. You can rest easy knowing your legal matters are
in the hands of one of our skilled St. Charles divorce lawyers. One area
you may need to consider adjusting after a divorce is the estate plan
you and your ex-spouse previously had in place. Our attorneys can help
you reevaluate your current estate plan and create a new one to better
fit your current needs.

Managing Your Trusts

There are two types of trusts, revocable trusts, and irrevocable trusts.

A
revocable trust enables a grantor to retain the right to manage the assets held in the
trust during their lifetime and can be altered, changed, modified or revoked
at their own discretion. Also known as a living trust, it is essential
in avoiding probate. If ownership of assets is transferred to a revocable
trust during the grantor’s lifetime so that it is owned by the trust
when the grantor passes away, the assets will not be susceptible to probate.

An
irrevocable trust cannot be easily altered, changed, modified or revoked once it is created.
The grantor can decide who will manage the trust, who possesses access
to trust assets during their lifetime, and how the property will be assigned
once the grantor passes away. Irrevocable trusts are a vital component
of Medicaid planning.

In the event of trustees and beneficiaries falling out of favor after a
divorce, you may need to adjust your established trusts. Contact one of
our skilled family law attorneys to help guide you through the process.

Wills

Historically, wills have been the cornerstone of estate plans. Your will
has three primary functions after your death:

Outlines your beneficiaries

Names the executor of your estate.

Names who will have guardianship over any minor children.

If you have children or property, creating a will is extremely important.
If you do not create a will the state of Illinois will create one for
you. For example, if you have children and a surviving spouse half of
your estate will go to your children and the other half to your spouse.
Without a surviving spouse, guardianship of your child will fall to the
courts to decide. An Illinois court will decide the best guardian for
them based on what is in the best interests of the child, but the decision
they come to may not be the one you had desired. Our St. Charles attorneys
can help you create and manage your will.

Revoking Your Will

After your divorce, you will likely need to revoke your will. The best
way to revoke your will is by creating a new one. During this time, you
should name new beneficiaries and alternate beneficiaries in case your
initial beneficiaries die before you. If you and your divorced spouse
have updated and separated your bank accounts and insurance plans, you
may also need to update any beneficiary designations. Many assets could
be named in your paperwork by a bank account or policy number that are
no longer valid.

Power of Attorney After Divorce

The financial power of attorney provides legal binding authority to someone
should you be incapable of making financial decisions or holding financial
responsibilities. Medical powers of attorney provide authority to an individual
to make medical decisions in the event you are incapacitated. If you are
like most, you have likely named your spouse as the individual with power
of attorney. But what happens after you and your spouse divorce? The State
of Illinois considers a spouse’s power of attorney revoked once
their divorce is final. You may need to speak to one of our qualified
St. Charles divorce attorneys to assist you with establishing a new power of attorney.

Let Us Help You Revise Your Estate Plan

If you have recently divorced, you should seriously consider revising your
estate plan. If you do not, your ex could inherit your assets. With the
help of one of our knowledgeable Illinois divorce attorneys, you can reevaluate
your estate plan to better fit your current needs.
Contact our offices today for a free consultation.

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.